Ashok Leyland offloaded on Friday 50 lakh shares of IndusInd Bank at an average price of Rs 432.5 on the BSE. The entire selling was absorbed by Afrin Dia, according to bulk deal data available with the BSE. Afrin Dia is a foreign fund managed by Icon Capial. The deal is worth about Rs 216 crore.
The IndusInd Bank stock today slipped two per cent at Rs 422 on the BSE. Both IndusInd Bank and Ashok Leyland belong to Hinduja group.
After the selling, the holding of Ashok Leyland will come down to 2.5 per cent from 3.45 per cent.
Ashok Leyland has been reducing its stake in the company consistently. From 12.89 per cent at the end of June 2006, Ashok Leyland has reduced its holding to 2.5 per cent at present.
Besides Ashok Leyland, promoters of IndusInd Bank have also been reducing their holding in the company. IndusInd International Holdings, one of the promoters of IndusInd Bank, sold 33 lakh shares in December last.
Promoter's holding in the company dived sharply to 15.3 per cent at the end of December quarter from 56.25 per cent in March 2001.